The MSDN article Q253683 describes how to validate a serial number during an MSI install on how to compile the msi in the Setup.Exe as
Fixed bug where subinacl.Exe failed to process command line arguments; The downloaded file is a Microsoft Software Installer (.Msi) file.
ImElfin Free MSI to EXE Converter – Free Download – Tucows
MSI To EXE Setup Converter – Free download and software reviews
Download Exe Extract Msi Software: MSI To EXE Compiler, EMCO